New Delhi: Steel production in India is projected to surpass 300 million tonnes (MT) by 2030. Steel Secretary Nagaendra Nath Sinha said this while addressing the Bharat Chamber of Commerce (BCC) in New Delhi.
Earlier this week, Union Minister of Steel and Heavy Industries HD Kumaraswamy launched SIMS 2.0 portal, the upgraded Steel Import Monitoring System, to provide actionable intelligence to stakeholders for effective decision-making and strategic planning.
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As per government data, the finished steel output during 2023-24 was 138.5 million tonnes, up 12.4 per cent year-on-year. To achieve 300 million tonnes of installed capacity, a CAGR of 12 per cent would be required. From January to April 2024, steel production was 49.5 million tonnes, a jump of 8.5 per cent.
Meanwhile, the ministry of steel has prepared a roadmap on decarbonisation of steel, which will be put up for public consultation shortly. India’s steel sector accounts for about 12 per cent of total greenhouse gas emissions, with an emission intensity of 2.55 tonnes of CO2 per tonne of crude steel compared to a global average of 1.9 tonnes of CO2 per tonne of crude steel.
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